Ethereum has risen to a new all time high, with it currently trading at $4,420 for the first time and just slightly above the previous high of $4,400 in May.
The currency has been bullish recently following bitcoin’s dip from its own new high of $67,000 during which eth was not keeping up with its ratio down to 0.06 BTC per ETH.
In recent days however ahead and after the ethereum 2.0 upgrade, the crypto has been gaining on bitcoin with its ratio above 0.07 BTC.
This is thus seemingly a continuation of the ethereum and bitcoin ping pong, a game the two have been playing since 2017.
That is bitcoin gets bullish while eth lags and then eth takes the charge with bitcoin a bit slower while both generally rise during the bull game.
In this specific case, after bitcoin crossed its all time high it was still kind of pegged to eth which could be used as a reference for resistance and support lines until eth then crosses all time high at which point everyone is in the dark and so the crypto can free flow.
Bitcoin thus dipped perhaps to give room to eth to catch up, which now it seemingly has, and so in theory the road is now clear for take off.
In practice, only time will tell but ethereum has gotten a big boost by one of the richest man on earth, Zuk, who is seemingly going all in on the metaverse.
Zuk name-dropped both cryptos and NFTs, especially where it concerns goods in the metaverse, like your dress.
Here at Trustnodes we’ve gotten a taste of what that might feel like on the ethereum based Decentraland metaverse as you can see on our new Twitch.
Current reality is very far from what Zuk is imagining, but Zuk is not far off from what the world of tomorrow will look like with these new 3d capabilities.
He is Zuk however, feared, hated, politicized, way bland, Delta in Star Wars, botty that for some reason appears to not like being comfortable or natural. Just be yourself Zuk, you’re the 5th richest person in the world!
But he has vast resources that he can ‘gamble’ on some pipelines aspects of the metaverse which others might not pour in.
He would be a competitor, but it’s not clear at this stage he would be a totally dominant one, and it isn’t very clear at this stage that his participation is objectively a negative.
To the contrary. The Viking is human and maybe wants to have a bit of fun and seems to have found something to dedicate himself to and most crucially, we think we can compete.
So he is welcomed. Whatever his aims, agendas or aspirations, he won’t be the only one. We’re maybe even ahead, and whatever misconceptions or apprehensions – he was initiated in Alpha Epsilon Pi which has courted many rape allegations – he has a right to participate as does everyone else.
The end goal here is grand, albeit limited, in setting the foundations to allow us to then be capable of settling on Mars by removing physical barriers to Oxford level individuals socializing with other Oxford or Harvard level individuals regardless of their background or physical presence.
It’s the actual global village and though practice will differ from theory, it should generally get us closer to that meritocratic ambition of connecting individuals of the same capability, something that should have many second and third order effects.
As with any tool, this too has negatives, but presumably only luddites would be against new capabilities, rather than the negative ways they can be used.
And if the metaverse is not going to be controlled by corporations in totality, then obviously ethereum will have a significant place, and entities like even Facebook might use it where it concerns NFTs due to its globally neutral nature.
So it’s big little news for eth, with Decentraland’s mana up 55%, which may have fed into eth bullishness. Pricing in of the merger or the eth migration and perhaps a chain-split fork that would create a huge airdrop, may be another.
But what is going on with CNY? This is getting a bit detached from reality. As you know it is softly pegged to the dollar, but it keeps on strengthening despite growth in China falling.
The Chinese Communist Party (CCP) is trying to build a consumer economy, and strengthening CNY could aid as exported goods would be cheaper for Chinese consumers.
The Chinese economy is however still export first, and their goods are becoming more and more expensive, something that should lower demand if producers haven’t been trapped with even Armani high end clothes now made in the very unluxurious China.
So what is going on, how can CNY be strengthening when PBOC was printing billions and when all indications are growth will be slower?
One reason might be because when the peg comes under stress, and it is a when rather than if, and it eventually goes off peg, no one quite knows what direction it will go off but the money of an export orientated economy should appreciate.
So perhaps traders are trying to price in. However, if it goes off peg, the situation would be sufficiently bad for PBOC’s printer to go on overdrive, devaluing the money, and so how exactly do you price it in.
Buying bitcoin or eth of course, and Shanghai has been doing so because you would think that when the market is not reflecting market factors – slowing economy – then something is off.
No one quite knows what, but for strategies like diversification and hedging and weighing them, you don’t necessarily need to know the what.
One factor however may be the transition or lack of it that is to come to China this spring. There has been a power struggle going on in their halls for now years, and that presumably will come to head on whether Xi Jinping gets a third term or otherwise.
A third term would be a breach of a fundamental principle within China that has limited presidents to two terms, and so this is a potentially explosive internal matter, though it may play behind the scenes at the top of echelons.
You’d expect many moving things and realistically there are only two. Currently the CCP is under the complete thumb of Russia, or more precisely Putin’s svengali, that has sold them on the idea opening up and free trade and liberalism are actually colonialism and instead they should engage in what politically is fascism.
Hence this generation, in the west and in China, is greeted with the astonishing spectacle of Xi standing side by side with Putin in not attending a global conference on our environment and on the cancer polluting air we breath.
Is our air liberal Mr Xi? Or do you have an air with Chinese characteristics there?
It is amusing that the top echelons in China appear to have regressed to the level where Xi stands next to Putin. That’s not a good look. First, because it confirms our thesis. Second, because their government looks up to an entity that has its people on what to the west are starvation wages, instead of on our great ways of the enlightenment.
Fundamentally, we don’t care. We do of course feel for the Chinese people, but it’s all a matter for them, not quite for us. We have our own matters and the Chinese ones don’t really affect us, almost at all.
As the Russian ones didn’t. Would have been nice if Pavel Durov stood here with Zuk or Musk or indeed many in our own space that are pioneering. Would have been nice if this was funny in a way that doesn’t reflect a bit of reality:
But it doesn’t quite affect us. Indeed Putin nowadays is more a statue of sorts. Someone there. Pretty, dum, smart, funny, ugly. Always has been there. And so isn’t actually there, isn’t noticeable. It’s like a decoration, pretty smart dum or ugly at first and then just part of the room furniture, something that you notice only if a guest points it out.
That must hurt for the man, the human, who is probably contemplating his legacy, the years that have gone and the mistakes or pleasures enjoyed. The goner, that now is a dusty statue in the attic, awaiting the heap of trash.
That will be Xi in his third term, and so more generally because we have our own Biden goner, it feels like we’re in a period of transition, a period, and so aptly this Halloween, where we wave goodby to a dead age.
The bad flu is an icing on the cake of sorts, a clearing out of a political age that to us was introduced so awfully with the neocons and their mirror, the laddens, and seems to end with the frozen statues of deluded Cesars.
In this autumn, it feels in many ways that man is lighter. That, almost as if there has been a revolution, we are free from the chains of a dogma, from the games of dogmen, that the 90s optimism has cause to reign.
Eh how long some have waited, but for the next four years at least it appears here in the west there’s a renaissance. More so, it appears the government won’t have the ability to even be, in our minds or thoughts, in our presence. Biden a dusty statue too.
And in Europe, the fine combination of green and yellow in Germany, with some red for some reason but he’s an elf, gives this continent those colors of optimism that something like Lilium contains, or hydrogen power, or ‘where are our space rokets.’
We’re going to the metaverse, not to escape but to checkmate. To give artistic rights to Johny in his basement and see his decorations of our squares in his mind and say to the goners: where our delight.
We’re running, but not away from danger, right to it. Right to the enemy with a spartan sward that turns to be but an Athenian muse of pity that reduces the grandoe to walking dust.
So slowly, and then so ruthlessly turned that knife of life that most impressively, still quite un-understandably, lifts the heaviest of weights and the darkest of clouds to see once more sunshine in the world around.
That’s not priced in. A millennial president or prime minister that brings with him the tech and crypto tools rule the digital waves.
That’s what in some ways is meant by sentiment. The changing feels in the air, the conquering and defeat of darkness by light, and now its many flowers that turn the mighty into a pleasant statue, as a reminder that darkness also follows light.
But not now, and not for maybe decades. We have just come from the dark. It’s barely dawn yet. It’s not even summer.
Roar you lions, of celestial might
for call do angels, of heaven light
in truth and logic, energy wide
to beat the false gods, of entropic knights.
Roar you lions, of global abode,
the past to send, to century gold,
and carve your space, by pen of code,
where god alone, intermediates your thought.
Ours the Congress, republic
Ours the laws, consensualit
Ours the kingdom, ruler we
Code our god, and our trustee.
Listen not to prophets false,
in their dress of electors,
we the god’s chosen ones,
our religion, energy’s one.
Roar you lions, without fear
for millennials, golden here
middle ages o no more,
elevators roar and roar.